Common use of Issue of Units and Payment Thereon Clause in Contracts

Issue of Units and Payment Thereon. (a) If the Acquisition Time occurs by the Deadline, the Units shall be and shall be deemed to be issued to the Receiptholder in accordance with the right of such holder as described in Section 2.2(a) hereof (which right shall be and shall be deemed to be exercised upon the occurrence of the Acquisition Time) and such Units shall be deemed to be issued pursuant to the Trust Indenture at the Issue Time, notwithstanding that a certificate or a Book-Entry Only System customer confirmation therefor may not yet have been issued or entered, as the case may be, and the persons to whom such Units are to be issued in accordance with the provisions of this Agreement shall be deemed to have become the holders of record of such Units at the Issue Time. (b) If the Acquisition Time occurs by the Deadline, the Receiptholder shall be entitled from and after the Issue Time, but shall receive (subject to Section 3.1) no earlier than on the second Business Day following the Acquisition Date, an amount equal to (i) subject to the following provisions of this subsection 3.3(b), such holder’s pro rata share of any Earned Interest less applicable withholding taxes, if any, and (ii) the difference, if any, between the holder’s Acquisition Payment and such holder’s pro rata share of the Earned Interest, less applicable withholding taxes, if any, provided that to the extent that the amount in (ii), if any, represents amounts in respect of cash distributions for which record dates have occurred but which have not yet been paid, such amount shall not be payable to holders, unless the Trust otherwise elects, until the date such cash distributions are paid to Unitholders. The amount paid to each holder under (i), if any, shall be satisfied by the Earned Interest and the amount in (ii), if any, shall be satisfied by the Escrowed Funds as provided in Section 3.2. If the Escrowed Funds and Earned Interest are not sufficient to meet the payments required by this Section 3.3(b), the Escrow Agent shall only make payments under this section to the extent monies have been deposited with it pursuant to Section 3.6. Subject to sufficient funds being available to it, the Escrow Agent agrees to cause any amounts to be paid to holders of Subscription Receipts pursuant to this Section 3.3 to be paid on the second Business Day following the Acquisition Date or the date cash distributions are paid to Unitholders, as applicable. (c) Upon the issuance or deemed issuance of the Units pursuant to the Subscription Receipts, the Trust, subject to the provisions of the Trust Indenture, shall direct CDS to cause to be entered and issued, as the case may be, to the person or persons in whose name or names such Units have been issued, a Book-Entry Only System customer confirmation, together with a cheque or cheques or wire transfer for the amounts specified in Section 3.3(b). (d) Effective immediately after the Units have been issued as contemplated in Section 3.3(a) and cheque(s) or wire transfer(s) for the amount specified in Section 3.3(b) have been issued and mailed or delivered (and provided such cheque(s) have been honoured for payment, if presented for payment within six months of the date hereof), the Subscription Receipts relating thereto shall be void and of no value or effect. For greater certainty, any Escrowed Funds, interest or other monies held by the Escrow Agent pursuant hereto after the cheque or cheques or wire transfers for the amount specified in Section 3.3(b) have been mailed or delivered, as the case may be, shall be delivered to the Trust as soon as reasonably practicable thereafter. (e) Notwithstanding anything herein contained, the Trust shall not be required, upon the exercise or deemed exercise of the Subscription Receipt to issue fractions of Units. In lieu of fractional Units, there shall be paid to the holder an amount in lawful money of Canada equal to the then current market value of such fractional interest computed on the basis of the Current Market Price on the Acquisition Date, provided such amount is in excess of $10.00.

Issue of Units and Payment Thereon. (a) If the Acquisition Time occurs by the Deadline, the Units shall be and shall be deemed to be issued to the Receiptholder (including those Receiptholders holding U.S. Certificates) in accordance with the right of such holder as described in Section 2.2(a) hereof (which right shall be and shall be deemed to be exercised upon the occurrence of the Acquisition Time) and such Units shall be deemed to be issued pursuant to the PET Trust Indenture at the Issue Time, notwithstanding that a certificate or a Book-Entry Only System customer confirmation therefor may not yet have been issued or entered, as the case may be, and the persons to whom such Units are to be issued in accordance with the provisions of this Agreement shall be deemed to have become the holders of record of such Units at the Issue Time. (b) If the Acquisition Time occurs by the Deadline, the Receiptholder (including those Receiptholders holding U.S. Certificates) shall be entitled from and after the Issue Time, but shall receive (subject to Section 3.1) no earlier than on the second Business Day following the Northeast Alberta Acquisition Date, an amount equal to (i) subject to the following provisions of this subsection paragraph 3.3(b), such holder’s 's pro rata share of any Earned Interest less applicable withholding taxes, if any, and (ii) the difference, if any, between the holder’s 's Acquisition Payment and such holder’s 's pro rata share of the Earned Interest, less applicable withholding taxes, if any, provided that to the extent that the amount in (ii), if any, represents amounts in respect of cash distributions for which record dates have occurred but which have not yet been paid, such amount shall not be payable to holders, unless the Trust otherwise elects, until the date such cash distributions are paid to Unitholders; and provided further that if the holder is not entitled to an Acquisition Payment such holder's pro rata share of any Earned Interest shall be paid to the Trust in accordance with Section 3.2. The amount paid to each holder under (i), if any, shall be satisfied by the Earned Interest and the amount in (ii), if any, shall be satisfied by the Escrowed Funds as provided in Section 3.2. If the Escrowed Funds and Earned Interest are not sufficient to meet the payments required by this Section 3.3(b), the Escrow Agent shall only make payments under this section to the extent monies have been deposited with it pursuant to Section 3.6. Subject to sufficient funds being available to it, the Escrow Agent agrees to cause any amounts to be paid to holders of Subscription Receipts pursuant to this Section 3.3 to be paid on the second Business Day following the Acquisition Date or the date cash distributions are paid to Unitholders, as applicable. (c) Upon the issuance or deemed issuance of the Units pursuant to the Subscription Receipts, the Trust, subject to the provisions of the Trust Indenture, shall direct CDS to cause to be entered and issued, as the case may be, to the person or persons in whose name or names such Units have been issued, a Book-Entry Only System customer confirmation, together with a cheque or cheques or wire transfer for the amounts specified in Section 3.3(b). (d) Effective immediately after the Units have been issued as contemplated in Section 3.3(a) and cheque(s) or wire transfer(s) for the amount specified in Section 3.3(b) have been issued and mailed or delivered (and provided such cheque(s) have been honoured for payment, if presented for payment within six months of the date hereof), the Subscription Receipts relating thereto shall be void and of no value or effect. For greater certainty, any Escrowed Funds, interest or other monies held by the Escrow Agent pursuant hereto after the cheque or cheques or wire transfers for the amount specified in Section 3.3(b) have been mailed or delivered, as the case may be, shall be delivered to the Trust as soon as reasonably practicable thereafter. (e) Notwithstanding anything herein contained, the Trust shall not be required, upon the exercise or deemed exercise of the Subscription Receipt to issue fractions of Units. In lieu of fractional Units, there shall be paid to the holder an amount in lawful money of Canada equal to the then current market value of such fractional interest computed on the basis of the Current Market Price on the Acquisition Date, provided such amount is in excess of $10.00.to

Issue of Units and Payment Thereon. (a) If the Acquisition Time occurs by the Deadline, the Units shall be and shall be deemed to be issued to the Receiptholder in accordance with the right of such holder as described in Section 2.2(a) hereof (which right shall be and shall be deemed to be exercised upon the occurrence of the Acquisition Time) and such Units shall be deemed to be issued pursuant to the Trust Indenture at the Issue Time, notwithstanding that a certificate or a Book-Entry Only System customer confirmation therefor may not yet have been issued or entered, as the case may be, and the persons to whom such Units are to be issued in accordance with the provisions of this Agreement shall be deemed to have become the holders of record of such Units at the Issue Time. (b) If the Acquisition Time occurs by the Deadline, the Receiptholder of record at such time shall be entitled from and after the Issue Time, but shall receive (subject to Section 3.1) no earlier than on the second Business Day following the Acquisition Date, an amount equal to (i) subject to the following provisions of this subsection 3.3(b), such holder’s pro rata share of any Earned Interest less applicable withholding taxes's Acquisition Payment, if any, and (ii) the difference, if any, between the holder’s Acquisition Payment and such holder’s pro rata share of the Earned Interest, less applicable withholding taxes, if any, provided that to the extent that the amount in (ii)this amount, if any, represents amounts in respect of cash distributions for which record dates have occurred but which have not yet been paid, such amount shall not be payable to holders, unless the Trust otherwise elects, until the date such cash distributions are paid to Unitholders. The amount ; and provided further any Earned Interest shall be paid to the Trust unless Acquisition Payments are required to be paid to each holder under (i)holder, if any, in which case such Acquisition Payments shall be satisfied by out of the Earned Interest and the amount in (ii), if any, shall be satisfied by on the Escrowed Funds as provided in Section 3.2Funds. If the Escrowed Funds and Earned Interest are not sufficient to meet the payments required by this Section 3.3(b), the Escrow Agent shall only make payments under this section to the extent monies have been deposited with it pursuant to Section 3.6. Subject to sufficient funds being available to it, the Escrow Agent agrees to cause any amounts to be paid to holders of Subscription Receipts pursuant to this Section 3.3 to be paid on the second Business Day following the Acquisition Date or the date cash distributions are paid to Unitholders, as applicable3. (c) Upon the issuance or deemed issuance of the Units pursuant to the Subscription Receipts, the Trust, subject to the provisions of the Trust Indenture, shall direct CDS to cause to be entered and issued, as the case may be, to the person or persons in whose name or names such Units have been issued, a Book-Entry Only System customer confirmation, together with a cheque or cheques or wire transfer for the amounts specified in Section 3.3(b). (d) Effective immediately after the Units have been issued as contemplated in Section 3.3(a) and cheque(s) or wire transfer(s) for the amount specified in Section 3.3(b) have been issued and mailed or delivered (and provided such cheque(s) have been honoured for payment, if presented for payment within six months of the date hereof), the Subscription Receipts relating thereto shall be void and of no value or effect. For greater certainty, any Escrowed Funds, interest or other monies held by the Escrow Agent pursuant hereto after the cheque or cheques or wire transfers for the amount specified in Section 3.3(b) have been mailed or delivered, as the case may be, shall be delivered to the Trust as soon as reasonably practicable thereafter. (e) Notwithstanding anything herein contained, the Trust shall not be required, upon the exercise or deemed exercise of the Subscription Receipt to issue fractions of Units. In lieu of fractional Units, there shall be paid to the holder an amount in lawful money of Canada equal to the then current market value of such fractional interest computed on the basis of the Current Market Price on the Acquisition Date, provided such amount is in excess of $10.00.